Bybit Collaborates With Circle to Provide USDC Spot Pairs And Client Integrations￼
To facilitate the expansion of Bybit as a gateway for retail and institutional USDC-settled products, the third largest crypto derivatives exchange by volume, Circle Internet Financial, a global digital financial technology firm and the issuer of USD Coin (USDC) and Euro Coin (EUROC), has partnered with Bybit.
Bybit’s long-term goal is to be the go-to hub for USDC-settled options. Portfolio margin, which reduces margin needs on hedged positions, and unified accounts that take BTC, ETH, USDT, and USDC as collateral reinforce the Exchange’s superior liquidity. Bybit will increase the number of USDC spot pairs available on their platform, promote greater public understanding of USDC and associated products, and explore more opportunities for collaboration as part of the terms of the agreement.
By collaborating with Circle, the leading cryptocurrency exchange, Bybit hopes to increase the widespread use and acceptance of cryptocurrencies. Bybit debuted USDC options, the first stablecoin-margined option contract, earlier this year, and has since promised to add Ether and Solana options to its trading platform.
Ben Zhou co-founder and CEO of Bybit at the partnership launch event held at Vicinity London stated:
“We have been building throughout the bear market, and have found USDC to be an excellent fit for our operations. After the success of our USDC options, it was opportune to further develop our working relationship with Circle, which has a reputation for openness and integrity in their services and development of cutting-edge financial technology. We look forward to offering more USDC spot pairs and products to our retail and institutional clients.”
Bybit has pledged to create and promote products that aid in the expansion of USDC, such as spot trading, perpetual contracts, and options, by drawing on the knowledge and skills it has gained as the operator of the industry’s premier cryptocurrency exchange. Bybit also enables automatic, real-time conversions between USD and USDC (or other Circle-issued stablecoins).
Jeremy Allaire, co-founder and CEO of Circle stated:
“Over the last year, Bybit has ceaselessly delighted users of USDC with the continued expansion of their innovative product offerings. We are thrilled to have Bybit onboard as a partner in our efforts to promote greater access and adoption for USDC.”